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What about less than 1% util?

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KingAdrock
Established Contributor

What about less than 1% util?

I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?
Message 1 of 13
12 REPLIES 12
smallfry
Senior Contributor

Re: What about less than 1% util?



@KingAdrock wrote:
I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?


FICO will pick it up as 1%.
Message 2 of 13
KingAdrock
Established Contributor

Re: What about less than 1% util?


@smallfry wrote:

KingAdrock wrote: I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?
FICO will pick it up as 1%.
Really? Any non-zero balance is counted as 1%?
Message 3 of 13
Anonymous
Not applicable

Re: What about less than 1% util?

Yes- Fico Rounds UP

KingAdrock wrote:

smallfry wrote:

KingAdrock wrote: I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?
FICO will pick it up as 1%.
Really? Any non-zero balance is counted as 1%?


Message 4 of 13
Anonymous
Not applicable

Re: What about less than 1% util?

Yep, the "1-9%" that you always hear around here is just shorthand for saying, "greater than $0 but less than 10%."
 
Message 5 of 13
KingAdrock
Established Contributor

Re: What about less than 1% util?


@Anonymous wrote:
Yep, the "1-9%" that you always hear around here is just shorthand for saying, "greater than $0 but less than 10%."

That is the best news I have ever heard.
Message 6 of 13
psychic
Moderator Emeritus

Re: What about less than 1% util?

I have 1% utility showing on my TU report (I have a few very high credit limit cards that report revolving as installment, but I won't get into that here)--
 
Ratio of your revolving balances to your credit limits
                                     1%
 
However, the actual ratio is only 0.02443%
EQ 814 / TU 815 / EX 842
Message 7 of 13
Anonymous
Not applicable

Re: What about less than 1% util?



@psychic wrote:
I have 1% utility showing on my TU report (I have a few very high credit limit cards that report revolving as installment, but I won't get into that here)--
Ratio of your revolving balances to your credit limits
1%
However, the actual ratio is only 0.02443%





Wow psychic! You reached the magic number. How in the world did you do that? Crunch numbers for an hour? Smiley Very Happy
Message 8 of 13
Anonymous
Not applicable

Re: What about less than 1% util?

good info to know!!
Message 9 of 13
Anonymous
Not applicable

Re: What about less than 1% util?

That is great info to know! Especially for me while I'm on my quest to get below 10%. Now I know that I don't just need to get below 10%, I need to get below 9%. I probably would have bought all new reports as soon as I got to 9.2% but now I know different. I love this place! Smiley Happy

Edit: spelling error

Message Edited by Moobs on 03-11-2008 10:23 AM
Message 10 of 13
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